Where Can I Get Easy Cash Loans in Australia?

Loans with short-term durations are easy to get. Usually, they’re offered through several means, such as online lenders, lending apps, peer-to-peer lending, and online cash advances.

While easy cash loans can be secured or unsecured, their application process is usually simple – you’ll apply by filling out a form online. Further, loan approval is fast and can take less than 24 hours, which can help if you need cash fast.

In this article, we’ll outline four ways to get an easy cash loan in Australia. 

What this article covers:

1. Online Lenders 

Online lenders operate an internet lending service. So, you perform the entire lending process on their website. 

Usually, the process involves choosing a loan type on the lender’s website. After that, you’ll fill out a personal information form. 

Online cash lenders usually offer instant loans. So, you can get your loan request approved quickly and sent to your bank account through an electronic transfer. 

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However, you can only get a limited loan amount on online lending sites. For instance, a lender can offer loans from $300 to $15,000.

Also, the repayment duration for easy online cash loans is usually short. You should expect to repay the loan within one to three months. And you’ll have to repay the total amount at once, as there’s no option for instalments. 

Should You Borrow From Online Lenders? 

Online cash loans might be suitable if you need emergency cash and are out of options. 

They offer convenience, as you don’t have to visit an office or stand in long queues to apply for them. Also, the application forms are easier to fill out and can be approved with bad credit. 

2. Lending Apps 

Lending apps are a new introduction in the financial industry. They offer a more convenient lending solution for consumers compared to online lenders. However, their operations are somewhat similar. 

Like online lenders, lending apps offer a quick cash loan option, which you can get by registering with the providers. You’ll also need to verify your phone number through the app before you can qualify for a loan. 

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Some other details that may be required during your application process include tax file number, income statement, and loan amount. 

However, most loan apps go further to check your credit score. This doesn’t mean you can’t get a loan with bad credit, but it only helps to determine the interest rates you’ll pay. So, you pay lower rates with good credit and higher with poor credit. 

Should You Use a Lending App? 

You can use a lending app if you need 24/7 quick loans. Much of the lending process is automated and doesn’t require the physical presence of an entity before approval. 

However, lending apps determine your interest rates through your credit score. So, you might want to check other alternative lending options if you have bad credit. 

3. Peer-To-Peer Lending 

Peer-to-peer lending refers to a system of borrowing where you can borrow funds directly from a borrower with a social platform. It’s also called a crowd or social lending.

P2P lending platforms offer two account types – investor and borrower. The investors open an account and fund an amount of money. Borrowers, on the other hand, open a financial request account they can use to apply for loans from investors. 

The lending platform suggests available loans to you based on your profile. And you’re allowed to choose multiple offers. 

However, the interest rate depends on your risk category (based on your previous lending habits). But as a new member, you’ll start from the lowest level, which charges high rates. You’ll have to use the platform more often to move to a better risk category with lower rates. 

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Should I Borrow From P2P?

P2P lending platforms offer you an opportunity to control your borrowing decisions. You have access to multiple loans and can work your way to getting low rates. However, you might pay more than usual since the rates vary.

4. Online Cash Advances

You can apply for a cash advance from an online lender if you need an easy cash loan. The major types you can request are: 

  • Credit card cash advances 
  • Payroll cash advances 
  • Merchant cash advances 

However, credit cards and payroll cash advances are easier to get. 

With a credit card cash advance, you can get a percentage of your credit line deposited into your bank account. You can start by requesting an amount on your credit card provider’s website. 

The lender checks your credit history and approves your loan. Then, the funds are transferred electronically to your bank account. This might take one to two business days. 

Meanwhile, you can apply for cash pay loans as an income earner. But you’ll need to submit your personal information alongside your income statement. 

While you can get this loan from online lenders, some online banks offer them. However, understand the repayment terms and if there are any prepayment penalties before choosing this option. 

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Should You Take an Online Cash Advance? 

You can take a cash advance if you need direct cash loans deposited into your bank account. Also, if you have a steady monthly income and need to settle a few financial obligations before the month’s end, cash advances can help. 

However, cash advances like payroll loans require you to repay within 30 days. So, you can choose other flexible lending options with extended repayment duration if you can’t repay your loans within the given time. 

Conclusion 

While you can’t predict every situation, emergencies are inevitable. However, there are several options you can use if you ever need urgent cash. Some of the best ones that provide both ease and convenience are loan apps, p2p lending, online cash advances, and internet lenders.

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